21 September, 2020
With uncertainty in the market, now is a good time for businesses to be considering how they best protect their assets from any potential downturn in trading. Key assets, such as business premises, intellectual property rights, plant and machinery, etc. - even cash - can all be ringfenced by moving them out of the trading company into a separate corporate vehicle, whether that be a holding company or separate non-trading subsidiary in the same group.
At Forbes, we can assist with this legal process, and we are offering a special deal on inserting holding companies for this (or any other) purpose. If instructed before 4 December 2020, we will carry out all legal paperwork to put in place a new holding company, which will then allow you to protect key assets from trading risks, for a discounted fixed fee of £750+VAT/disbursements.
This will involve drafting all documentation to insert the new holding company, to include the board minutes, shareholder resolutions, stock transfer forms and share purchase agreement, as well as carrying out the application for stamp duty adjudication and attending to all necessary Companies House filings associated with the transaction.
We can also assist with incorporation of a new company for the purposes if needed, for an additional disbursement of £77.20.
This price is subject to all necessary tax clearances being in place, and we can liaise with your accountants in this regard. This also assumes no irregularities in the shareholding.
We can then facilitate the movement of the key assets, with cost depending on what they are, and the reserves position of the trading business. Certain assets can be moved by way of dividend, including property in certain circumstances. Tax advice will be required before determining the best way, and costs will be higher where there is bank or other security in place over the relevant assets.